News Update The Economic Coordination Committee (ECC) of the Cabinet on Friday approved export of 1.2 million tons of wheat out of the surplus stocks available in Punjab and Sindh. Accordingly, Punjab will export 800,000 tons while Sindh has been allocated export quota of 400,000 tons of wheat. Punjab will get a subsidy of $55 per metric ton for export while for Sindh this subsidy would be $45 per metric ton. Taking notice of unhindered import of wheat byproducts, the ECC also issued instructions for immediate ban on their import, an official statement said. Federal Minister for Commerce, Engr. Khurram Dastagir Khan has said the government was taking all possible steps to ensure sustained and inclusive economic growth based on justice and equality. The government has planned to set up first Land Ports Authority for establishing land ports near Wagha and Tourkham borders. Opening of border with India at another point, most likely Monna-Bao, is also under consideration as the government believes in enhancing regional trade and economic liberalization, he said. Gwadar will soon be declared a Special Economic Zone (SEZ) for a period of 20 to 30 years in order to facilitate rapid commercial and economic development. The SEZ is likely to cover city of Gwadar and industrial areas currently planned and foreseen. As per data provided by Ports and Shipping Division, the specific incentive- regime is likely to include general tax-holidays, no VAT and generous incentives pertaining to business ownership. The government has already started working on this proposal.
Posted on: Mon, 26 Jan 2015 05:09:31 +0000
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